PTC Therapeutics (PTCT) Lost 16% in Q2
TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy underperformed the Russell 2000 Growth Index and returned 2.50% (net), and the index return was 7.05%. Consumer Staples, Health Care, Industrials, and Information Technology showed relative weakness. However, Communication Services and Materials showed strength, partially offsetting the weakness. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare U.S. Small Cap Growth Strategy highlighted stocks like PTC Therapeutics, Inc. (NASDAQ:PTCT) in the second quarter 2023 investor letter. Headquartered in South Plainfield, New Jersey, PTC Therapeutics, Inc. (NASDAQ:PTCT) is a biopharmaceutical company. On September 22, 2023, PTC Therapeutics, Inc. (NASDAQ:PTCT) stock closed at $23.92 per share. One-month return of PTC Therapeutics, Inc. (NASDAQ:PTCT) was -39.78%, and its shares lost 51.34% of their value over the last 52 weeks. PTC Therapeutics, Inc. (NASDAQ:PTCT) has a market capitalization of $1.802 billion.
TimesSquare U.S. Small Cap Growth Strategy made the following comment about PTC Therapeutics, Inc. (NASDAQ:PTCT) in its Q2 2023 investor letter:
"PTC Therapeutics, Inc. (NASDAQ:PTCT), a biopharmaceutical company focused on the discovery and development of medicines for patients with rare disorders, lost -16%. During the quarter, management reported their phase III trial for Friedreich’s ataxia (FA) did not achieve statistical significance. They also announced a strategic reorganization of their pipeline and have chosen to discontinue pre-clinical gene therapy projects in both FA and Angelman’s Syndrome. Headcount will be reduced as the new CEO prefers to deploy capital more thoughtfully."
A laboratory technician in a white coat holding a microscope and examining a vial of biopharmaceuticals. Editorial photo for a financial news article. 8k. --ar 16:9
PTC Therapeutics, Inc. (NASDAQ:PTCT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held PTC Therapeutics, Inc. (NASDAQ:PTCT) at the end of second quarter which was 23 in the previous quarter.
We discussed PTC Therapeutics, Inc. (NASDAQ:PTCT) in another article and shared the list of stocks receiving downgrades from analysts. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
